Operating since the beginning of this year, Saltmine plans to create revenue from its consensus model which uses its own hardware components, including GPU and CPU. Both of which support a number of different blockchain technologies, including cryptocurrency transactions. It will also support cloud storage and says it ‘truly redefines ‘mining’.
The email model of today?
In its promotional video, Saltmine compares the blockchain infrastructure to that of the email model in the 90s and the potential investment opportunities it would have represented had they been possible. It says that the blockchain space today is akin to the email example which is why it is investing in the infrastructure itself and not particular parties within blockchain. Its idea is to use ‘consensus’ as a way of generating revenue, by processing blockchain transactions.
Saltmine’s native tokens are based on ERC20. Holders will receive tokens based on how many there are in circulation, and its value runs in parallel to the Saltmine business model, which will return 45% of the revenue produced back into the production of Saltmine tokens. 25% of production revenue will go into the Saltmine Smart Contract where holders are able to burn their tokens and receive crypto assets like Bitcoin. 5% of revenue will go into a deflationary account, designed to stablise the token value by purchasing tokens from an exchange and burning them. The remaining 25% will cover daily operations
Saltmine ICO details
The initial coin offering will begin on April 7th 2019 and last until May 7th. The initial token price is $1.0000 and accepted currencies are ETH. To find out more about Saltmine have a look on its website.